Eoin Treacy's view

USD Dollar per 1 EUR – The Euro unwound its short-term overbought condition over most of last week but found support yesterday in the region of $1.12 yesterday and a sustained move below that level would be required to question current scope for additional upside.

Japanese Yen per 1 US Dollar – The Yen is now testing the region of the 200-day MA and a clear upward dynamic will be required to question Type-2 top formation characteristics.

VIX Index – Volatility remains at an elevated level and a sustained move below 20 would be required to question the risk-off environment.

Euro and Yen strength even in an environment characterised by their respective central banks engaging in QE is suggestive of deleveraging. The jump in volatility measures around the world can be seen in the same context.